Financial Counselors Inc. Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Financial Counselors Inc. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 354.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,504 shares of the software maker’s stock after purchasing an additional 4,292 shares during the quarter. Financial Counselors Inc.’s holdings in Cadence Design Systems were worth $1,492,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $27,000. ORG Partners LLC boosted its holdings in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems in the third quarter valued at $28,000. Chilton Capital Management LLC raised its stake in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after buying an additional 122 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on CDNS. Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Finally, Robert W. Baird boosted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $306.81 on Friday. The company has a market cap of $84.15 billion, a P/E ratio of 80.53, a P/E/G ratio of 4.14 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company’s 50-day moving average price is $281.92 and its 200-day moving average price is $284.42.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business earned $1.01 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the sale, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,634 shares of company stock valued at $1,558,535 in the last three months. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.